Living in TEXAS vs. FLORIDA

Considering a move to either Texas or Florida? Here's a financial snapshot that may help you decide where your dollars will stretch further.

In the Lone Star State, the median salary tips the scales at $63,826. Meanwhile, the Sunshine State falls slightly lower, with a median household income of $57,703. Let's talk taxes – in Texas, 18.3% of your income would be dedicated to them. Florida wins over Texas here, only taking 17.1% of your income in taxes.

Remember, both states have no state income tax. The only reason there is a discrepancy in tax % is due to different median household incomes.

Rent, a major living expense, stands at an average of $1,286 for a two-bedroom dwelling in Texas, while in Florida, you're looking at a pricier $1,676.

Planning on becoming a homeowner? In Texas, property taxes average around $3,907 annually. In contrast, Florida comes in considerably lower, with a yearly average of $1,934.

As for debts, the average Texan owes $54,290 while Floridians average slightly higher at $56,600.

The balance tilts again when it comes to net worth. Texans on average boast a net worth of $634,048, whereas Floridians trail behind at $619,275.

So, tallying up these key financial indicators, Texas takes the lead in four out of six categories. Therefore, if financial considerations weigh heavily in your decision, it seems Texas could be your winning destination.

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